From RealClearPolitics, a comparison of wage gains (blue line) versus inflation (red line) under President Trump and now Joe Biden. But don’t sweat it, Joe – nothing that another creepy photo-op to an ice cream shop for fawning reporters won’t cure.
Biden’s Inflation Boom
At CFIF, we’ve unceasingly highlighted the foundational role of intellectual property (IP) rights – patents, copyrights, trademarks and trade secrets – in what we know as “American Exceptionalism.”
No nation matches our legacy of IP protection throughout the decades and centuries. Our Founding Fathers specifically inserted IP protections in Article I of the Constitution, even before the First Amendment or other Bill of Rights protections.
As a direct result no nation in human history remotely matches our legacy of scientific inventiveness, artistic innovation, global influence, power and prosperity.
And today, IP-centric industries account for about 40% of the total U.S. economy, and 45 million jobs – nearly 30% of the U.S. labor force. For perspective, that U.S. IP economic sector outsizes the entire economies of every other economy on Earth with the sole exception of China.
Recently, we’ve particularly highlighted the role that patent rights play in medical innovation, which has obviously taken on increased importance amid the coronavirus pandemic. Believe it or not, America accounts for an astounding two-thirds of all worldwide pharmaceutical innovation, due in large part to the IP incentives that allow innovators to receive the fruits of their difficult and costly labor. That continues today, more than ever.
But in the IP realm, copyright plays just as vital a role in America’s legacy of innovation, influence and prosperity. After all, just ask yourself what nation today or throughout history even approaches our artistic influence from music to cinema to television to any other form of artistic creation. That’s the direct result of strong copyright protections for innovators in the U.S.
Unfortunately, other nations not only don’t respect copyright and other IP rights to the degree that we do, they actively seek to undermine U.S. protections. As the latest example, the nation of South Africa, which hasn’t adequately or effectively protected U.S. copyrights. And making matters worse, the South African legislature recently passed two proposed laws that further weaken copyright protections and sent them to the South African president for signature.
Fortunately, the Trump Administration is standing up for U.S. copyright and must remain so.
By way of quick background, the U.S. government practices what is known as the Generalized System of Preferences (GSP) program, which allows for duty-free importation of various goods from developing nations that we designate as beneficiaries of the program. In April of last year, as part of our annual review of GSP beneficiary nations, the International Intellectual Property Alliance (IIPA) formally requested that the U.S. government specifically analyze South Africa’s status under GSP eligibility criteria because of South Africa’s longstanding inadequacy in terms of copyright protection for American copyrighted works. In October, the administration accepted that petition and commenced a review, including a public hearing that occurred on January 30 of this year. As the U.S. government rightly reconsiders South Africa’s GSP eligibility, petitioners ask that its legislature reconsider the two proposed bills and remove the defective anti-copyright provisions.
If that corrective action by South Africa’s government does not occur, the U.S. should in fairness withdraw South Africa’s continuing enjoyment of the GSP program’s benefits.
Unfortunately, some groups here in the U.S. seek to undermine American copyright laws, and are acting to pressure the Trump Administration and government officials to give South Africa a free pass.
That mustn’t be allowed. Our protection of copyright and other IP rights is a primary – if not the primary – reason for America’s unrivaled legacy of innovation and prosperity.
The Trump Administration has strengthened America’s IP legacy after eight years of decay under Barack Obama. For example, the administration strengthened IP protections during renegotiation of the North American Free Trade Agreement (NAFTA) in the new U.S.-Mexico-Canada Agreement (USMCA). That included stronger patent protections for pharmaceuticals, as well as higher enforcement against counterfeit copyrighted and other goods. It is doing the right thing with regard to South Africa as well, and it mustn’t allow domestic or overseas interest groups to pressure it into doing otherwise.
Particularly at a time like this, we cannot allow other countries to undermine our legal rights globally, whether South Africa or others.
Below is one of the latest cartoons from two-time Pulitzer Prize-winner Michael Ramirez.
View more of Michael Ramirez’s cartoons on CFIF’s website here.
From withdrawing from the Paris Climate Accord to his administration’s Environmental Protection Agency (EPA), Trump is obviously destroying the planet:
Trump Is Destroying the Planet
Donald Trump’s presidency continues to destroy America, as the political left warned:
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Consumer Confidence Soars
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In this week’s Liberty Update, we emphasize how intellectual property (IP) protection should be priority number one for the Trump Administration as it renegotiates the North American Free Trade Agreement (NAFTA) this month.
In that vein, we’re pleased to see Senator Pat Toomey (R – Pennsylvania) echo that point in his commentary in today’s Wall Street Journal:
[T]he administration can accept the advice from many members of Congress and others to modernize Nafta in ways that expand trade opportunities without curtailing American consumers’ freedom… Nafta’s pre-internet intellectual property rules could be strengthened.”
Well said, and hopefully the message resonates within the Trump Administration to continue its remarkable recent string of economic and international successes.
Something that should’ve happened long ago, but that all Americans should be grateful to have been accomplished in swift order by President Trump – new street signs pointing to U.S. embassy in Jerusalem:
At Long Last - U.S. Embassy to Jerusalem
From the always-insightful Holman Jenkins of The Wall Street Journal in his latest “Business World” commentary:
Mr. Pai, chairman of the Federal Communications Commission, cares about good policy. That hasn’t been the rule for years. During the Obama era, tech and telecom policy were driven by White House interest in whipping up millennials and exploiting public hostility to cable providers.”
During the Obama years, when we endured the worst cyclical economic “recovery” in recorded U.S. history, we were told that the 3% economic growth to which we’d become accustomed since measurement began was a thing of the past, and that “secular stagnation” was the order of the future. Well, in just the first year of the Trump presidency, a funny thing happened:
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Three Percent Miraculously Returns
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Since World War II, the U.S. economy has averaged 3.3% growth per year. Under Barack Obama, we never even hit 3%, instead averaging below 2%. His apologists rationalized that “secular stagnation” had made 3% an unattainable goal, but both quarters under President Trump have already averaged over 3%. So like clockwork, leftists attempt to credit Obama for something they claimed was no longer possible:
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In last week’s Liberty Update, we highlighted how when even The New York Times acknowledges how Trump Administration policies have turbocharged the sluggish economy he inherited, the debate over whether the economy benefits from more federal regulation or less federal regulation is won. This is the same Times that features far-left economist Paul Krugman, who predicted upon Trump’s election that markets would crash and “never” recover.
Well, we’re happy to highlight how the slow surrender march at the Times continues under the headline “Companies Are Handing Out Bonuses Thanks to the Tax Law. Is It a Publicity Stunt?” Their snarky addendum is understandable coming from them, but their introduction acknowledges reality:
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The big corporate tax break that became law last month is great news for companies and their investors. But what about employees? How much of the corporate windfall will go to workers via higher wages?
Since President Trump signed the $1.5 trillion tax cut into law on Dec. 22, nearly 20 large companies have announced some form of bonus or wage hike for their employees.”
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It proceeds to list some of those companies, including AT&T, Comcast, Southwest Airlines, American Airlines and others.
In last week’s Liberty Update feature we noted how their January 1 story admitted that the good economic news it detailed occurred before the tax reform legislation had even passed. Now that it has, we’re glad to see that the Times at least continues its sudden trend of acknowledging reality.
Whatever one’s opinion of Donald Trump, his tweets or his legislative accomplishments to date, he has unmistakably achieved great progress on the issue perhaps foremost among his supporters’ minds. Along with Senate Majority Leader Mitch McConnell (R – Kentucky), whose efforts began while Barack Obama was still president after Justice Antonin Scalia’s passing, Trump is already reshaping the nation’s judicial branch, as The Wall Street Journal’s Kimberly Strassel details:
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Mr. Trump has now nominated nearly 60 judges, filling more vacancies than Barack Obama did in his entire first year. There are another 160 court openings, allowing Mr. Trump to flip or further consolidate conservative majorities on the circuit courts that have the final say on 99% of federal legal disputes. This project is the work of Mr. Trump, White House Counsel Don McGahn and Senate Majority Leader Mitch McConnell. Every new president cares about the judiciary, but no administration in memory has approached appointments with more purpose than this team.”
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So while Donald Trump enforced Barack Obama’s chemical weapon “red line” abroad, Gallup brings news today that things continue to hum with the Trump employment bump here at home:
The Gallup Job Creation Index rose to +37 in March from +35 in February. This is the third month in a row the index has hit a new record high after remaining relatively flat for much of 2016. Since the start of the year, the index has already increased by four points — the same increase seen throughout all of 2016.”
Obama blamestormed Bush for eight years while the U.S. economy and employment conditions stagnated, but as Syrian dictator Bashad al-Assad learned this week, there’s a new sheriff in town and he appears to be achieving quick results.
Trump Job Creation Boom
There may be no commentator more exposed and discredited in recent years than The New York Times’s Paul Krugman.
Where to even begin? My personal favorite might be his call for a massive spending “stimulus” when Obama entered office, which he estimated should be approximately $600 billion, to return economic health to the nation. “When I put this all together,” he said, “I conclude that the stimulus package should be at least 4% of GDP, or $600 billion.” Obama ended up getting something much larger, closer to $1 trillion. Yet when the U.S. proceeded to suffer the worst decade of economic performance in U.S. history and multiple failed “recovery summers,” Krugman just shamelessly published a later piece entitled “How Did We Know the Stimulus Was Too Small?”
Fast forward to election night, when he moped and went on record predicting that markets would never recover from Donald Trump’s victory. You can’t make this stuff up:
It really does now look like President Donald Trump, and markets are plunging. When might we expect them to recover?
Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear. Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.”
So what happened immediately after Krugman’s solemn prediction? Well, markets reached another record high on Friday.
Perhaps Krugman simply recognizes the wreckage of Obama’s legacy, and masochistically seeks to outdo him?
Ashton makes great points about how the Trump debate could offer Rick Santorum one last chance to make a splash. He REALLY needs to carefully prepare some explosive sound bites. He actually has done very well in the debates at making overall, sustained points, in understandable fashion. But he hasn’t done so in ways that are memorable or galvanizing. I think sound-bite politics is a hugely unfortunate aspect of today’s campaigns. But it is an essential skill to master. It’s actually not easy, because it needs to sound substantive enough to NOT sound gimmicky, but it needs to be a bit gimmicky in order to be memorable enough to do real good. It’s even harder when you need to do it against somebody who buries you in words the way Gingrich does.
In short, opportunity knocks, but it’s a heavy door to open…. or something like that.
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